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Samueli charges set aside
A U.S. district court judge threw out the Broadcom co-founder’s guilty plea Wednesday in Santa Ana.
By Susan BelknappPublished: December 09, 2009 11:09 AM
U.S. District Judge Cormac J. Carney dismissed Broadcom Corp. co-founder Henry Samueli’s guilty plea for lying to securities regulators at a hearing in Santa Ana on Wednesday.
Samueli had pled guilty to his role in granting stock options.
Carney’s order came after Samueli testified under immunity at the securities-fraud trial of former Broadcom CFO, William Ruehle. Last year, Carney refused to approve Samueli’s plea agreement with prosecutors that would have spared him prison time. The judge indicated he didn’t want to sentence Samueli until after Ruehle’s trial and that of former Broadcom CEO, Henry Nicholas.
Carney told Samueli yesterday in court that, after having read his plea agreement and listened to his testimony, he had concluded that Samueli hadn’t made a false material statement to the U.S. Securities and Exchange Commission (SEC) in its investigation of backdating at the company, according to media reports.
“On behalf of the people of Broadcom, I express our tremendous gratitude for the decision,” read an e-mailed statement by current Broadcom CEO Scott McGregor. “The decision by the court means that Dr. Samueli will continue to devote his extraordinary engineering expertise for the best interests of Broadcom’s employees, shareholders and the many other businesses that rely on Broadcom’s continued great success.”
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Samueli had pled guilty to his role in granting stock options. Carney’s order came after Samueli testified under immunity at the securities-fraud trial of former Broadcom CFO, William Ruehle. Last year, Carney refused to approve Samueli’s plea agreement with prosecutors that would have spared him prison time. The judge indicated he didn’t want to sentence Samueli until after Ruehle’s trial and that of former Broadcom CEO, Henry Nicholas. Carney told Samueli yesterday in court that, after having read his plea agreement and listened to his testimony, he had concluded that Samueli hadn’t made a false material statement to the U.S. Securities and Exchange Commission (SEC) in its investigation of backdating at the company, according to media reports. “On behalf of the people of Broadcom, I express our tremendous gratitude for the decision,” read an e-mailed statement by current Broadcom CEO Scott McGregor. “The decision by the court means that Dr. Samueli will continue to devote his extraordinary engineering expertise for the best interests of Broadcom’s employees, shareholders and the many other businesses that rely on Broadcom’s continued great success.” NEXT PAGE >> Related headlines New Century principles face SEC fraud charges Anaheim officials may give KTGY larger role in ARTIC O.C. bankruptcy filings jump in November Chapman forecast: Recovery will be weak 'OC METRO Minute,' Dec. 9: Chapman, UCLA Anderson forecasts |
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